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Konsentus gets PSD2 with new open banking sandbox

UK-based regtech solutions provider Konsentus has unleashed its fintech sandbox to help financial institutions (FIs) with PSD2 open banking compliance.

The firm calls it “Europe’s first [third party provider] TPP regulatory checking sandbox”. It will assist FIs and developers with the ability to create code and test regulatory checking services.

Get ready!

According to Konsentus, the European Banking Authority (EBA) register is not a machine readable, real-time, online database.

Brendan Jones, chief commercial officer of Konsentus, says: “Without a TPP regulatory checking sandbox FIs will find it extremely challenging to build out their end to end PSD2 open banking solutions and test them prior to the 14 March 2019 deadline when they need to be live for external testing.”

He adds: “March 2019 is only seven months away and for all 9,000 FIs in Europe to be ready, it is going to be challenging”.

To back up its ambitions, Konsentus goes on to cite the UK’s Financial Conduct Authority (FCA).

The latter has recently reiterated its guidance to the UK market around the importance of certain dates.

For example, from 14 September 2019, account servicing payment service providers (ASPSPs) will need to comply with obligations set out in regulatory technical standards (RTS) articles.

The FCA says all ASPSPs will also need to make available technical specifications and provide support and a testing facility by 14 March 2019.

By the way, back in June, Jones discussed whether eIDAS certificates are the answer to PSD2 open banking TPP verification.

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